US Retail Sales Slip Down in February
US Retail Sales slipped down by 0.2 percent in February due to stronger snowstorms and weak auto demand.
But many of the experts believe that the data might just be a glitch in the responses of the respondents, citing the significant growth in retail store sales in the same period.
A new data released by the Thomson Reuters showed that retail sales in the United States dropped by 0.2 percent in February largely because of the severe winter weather and weak auto demand.
The Commerce Department is set to release a separate report on Friday, which can give a clearer outlook in the real economic condition in the US.
Meanwhile, according to the data, the retail sales have actually edged up by 0.1 percent last month. The economic growth, experts said, could potentially be stronger than what the report was saying following a massive gain by the retail stores across the country.
The International Council of Shopping Centers said that merchant sales have jumped by 3.7 percent compared to the same period in 2009. It is also the biggest recorded gain since November 2007 before the start of the worst recession that has hit the US since the Great Depression.
The ICSC also said that it was the third consecutive monthly increase in sales despite strong snowstorms and limited discount offers.
However, experts also said that it is without the auto sales report, which has dragged the entire retail sales output slightly down.
Consumer spending accounts to more than 70 percent of the total economic activity of the US making it one of the closely guarded economic data.
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